US Long-Term Mortgage Rates Almost Unchanged
Location: Mclean
Author:
Eileen Fitzpatrick
Date: Friday, September 7, 2007
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.32 percent this week, with an average 0.6 point, down from last week when it averaged 6.35 percent. A year ago, the 5-year ARM averaged 6.14 percent.
One-year Treasury-indexed ARMs averaged 5.74 percent this week with an average 0.6 point, down from last week when it averaged 5.84 percent. At this time last year, the 1-year ARM averaged 5.63 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
“Over the past week, long-term mortgage rates were largely unchanged as the most recent economic news showed smaller increases than had been expected,” said Frank Nothaft, Freddie Mac vice president and chief economist. “For instance, core personal consumption expenditure price index rose at an annualized rate of only 1.3 percent in the second quarter and July’s consumer spending data showed a 1.9 percent gain in the core price index for the twelve months ending in July.
“In other news, the most recent Conventional Mortgage Home Price Index (CMHPI) release issued by Freddie Mac reported that on average, national house prices grew by 0.1 percent in the second quarter, the slowest quarterly house price growth since the fourth quarter of 1994. For the past 12 months, house prices appreciated 3.3 percent, the slowest rate in 10 years.”
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SUMMARY OF SURVEY RESULTS |
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|
Fixed-Rate Mortgages |
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| Average Conventional 30-Year Commitment Rate | Fees & Points | Average Conventional 15-Year Commitment Rate | Fees & Points | |
| US | 6.46 | 0.5 | 6.15 | 0.5 |
| Northeast | 6.51 | 0.2 | 6.19 | 0.2 |
| Southeast | 6.44 | 0.6 | 6.13 | 0.6 |
| North Central | 6.50 | 0.4 | 6.18 | 0.4 |
| Southwest | 6.47 | 0.3 | 6.18 | 0.3 |
| West | 6.42 | 0.9 | 6.09 | 0.9 |
|
Adjustable–Rate Mortgages |
||||||
| 5/1 ARM Commitment Rate | Fees & Points |
Margin |
1 Year ARM Commitment Rate | Fees & Points | Margin | |
| US | 6.32 | 0.6 | 2.76 | 5.74 | 0.6 | 2.76 |
| Northeast | 6.24 | 0.4 | 2.77 | 5.78 | 0.4 | 2.75 |
| Southeast | 6.28 | 0.7 | 2.77 | 5.78 | 0.7 | 2.79 |
| North Central | 6.36 | 0.5 | 2.76 | 5.65 | 0.6 | 2.75 |
| Southwest | 6.37 | 0.4 | 2.76 | 5.78 | 0.3 | 2.83 |
| West | 6.35 | 0.8 | 2.73 | 5.70 | 0.8 | 2.73 |
|
Freddie Mac Region |
PMMS Weights |
|
Northeast |
24.5 |
|
Southeast |
18.6 |
|
North Central |
15.4 |
|
Southwest |
10.4 |
|
West |
31.0 |
|
|
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|
US |
NE |
SE |
NC |
SW |
W |
|
| AVERAGE |
6.46 |
6.51 |
6.44 |
6.50 |
6.47 |
6.42 |
| Fees & Points |
0.5 |
0.2 |
0.6 |
0.4 |
0.3 |
0.9 |
15-YEAR FIXED RATE MORTGAGES
|
|
||||||
|
US |
NE |
SE |
NC |
SW |
W |
|
| AVERAGE |
6.15 |
6.19 |
6.13 |
6.18 |
6.18 |
6.09 |
| Fees & Points |
0.5 |
0.2 |
0.6 |
0.4 |
0.3 |
0.9 |
5/1 ADJUSTABLE RATE MORTGAGES (ARMs)
|
|
||||||
|
US |
NE |
SE |
NC |
SW |
W |
|
| AVERAGE |
6.32 |
6.24 |
6.28 |
6.36 |
6.37 |
6.35 |
| Fees & Points |
0.6 |
0.4 |
0.7 |
0.5 |
0.4 |
0.8 |
1-YEAR ADJUSTABLE RATE MORTGAGES (ARMs)
|
|
||||||
|
US |
NE |
SE |
NC |
SW |
W |
|
| AVERAGE |
5.74 |
5.78 |
5.78 |
5.65 |
5.78 |
5.70 |
| Fees & Points |
0.6 |
0.4 |
0.7 |
0.6 |
0.3 |
0.8 |
THE NATIONAL MORTGAGE RATE SNAPSHOT
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|
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|
|
One Year Ago | |||
|
|
30-YR FRM |
15-YR FRM |
5/1 ARM |
1-YR ARM |
| AVERAGE |
6.47 |
6.16 |
6.14 |
5.63 |
| Fees & Points |
0.4 |
0.4 |
0.5 |
0.7 |
|
|
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|
|
One Week Ago | |||
|
|
30-YR FRM |
15-YR FRM |
5/1 ARM |
1-YR ARM |
| AVERAGE |
6.45 |
6.12 |
6.35 |
5.84 |
| Fees & Points |
0.5 |
0.5 |
0.6 |
0.8 |
Freddie Mac's Primary Mortgage Market Survey (PMMS) is for informational purposes only and Freddie Mac is not responsible for business decisions made based on the reported results of the PMMS. Freddie Mac may change the methodology used to conduct the PMMS survey at any time and without notice.
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